Business Combinations (Tables)

6 Months Ended

Jun. 30, 2021

Estimated Fair Values of Assets Acquired and Liabilities Assumed

	Acquired			Fair Value			As Recorded by
	Book Value			Adjustments			Providence Bank
(In thousands)
Assets
Cash and due from banks	$	130,561		$	-		$	130,561
Investment securities		119,234			264			119,498
Loans		838,377			(9,401	)		828,976
Allowance for credit losses		(8,656	)		6,583			(2,073	)
Other real estate owned		8,435			915			9,350
Premises and equipment		23,440			6,360			29,800
Goodwill		20,503			(14,133	)		6,370
Core deposit intangible		123			2,025			2,148
Right of use asset		-			794			794
Other assets		43,697			1,578			45,275
Total assets acquired	$	1,175,714		$	(5,015	)	$	1,170,699

Liabilities
Deposits	$	988,329		$	2,081		$	990,410
Securities sold under agreements to repurchase		-			-			-
FHLB advances		26,941			975			27,916
Other borrowings		-			-			-
Lease liability		-			794			794
Other liabilities		4,498			(610	)		3,888
Total liabilities assumed		1,019,768			3,240			1,023,008
Net assets acquired	$	155,946		$	(8,255	)	$	147,691

Consideration paid
Cash							$	103,500
Common stock								44,191
							$	147,691

Unaudited Pro Forma Condensed Combined Financial Information

The following unaudited pro forma condensed combined financial information presents the results of operations of the
Company, including the effects of the purchase accounting adjustments and acquisition expenses, had the LINCO acquisition
taken place at the beginning of the period (dollars in thousands, except per share data):

	Three months ended June 30, 2021			Three months ended June 30, 2020		Six months ended June 30, 2021		Six months ended June 30, 2020
Net interest income	$	42,747		$	42,997	$	86,217	$	83,623
Provision for loan losses		(560	)		7,090		11,776		13,168
Non-interest income		18,284			15,123		37,145		32,774
Non-interest expense		46,013			33,402		87,812		77,361
Income before taxes		15,578			17,628		23,774		25,868
Income tax expense (benefit)		3,357			4,371		4,947		6,112
Net income (loss)	$	12,221		$	13,257	$	18,827	$	19,756

Earnings per share
Basic	$	0.68		$	0.74	$	1.06	$	1.10
Diluted		0.67			0.74		1.06		1.10

Basic weighted average shares o/s		18,067,190			17,972,132		17,685,679		17,963,782
Diluted weighted average shares o/s		18,120,210			18,019,040		17,738,699		18,010,690